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Terms of Service

Terms and Conditions for Loan Agreement

  1. Definitions and Interpretation 1.1 Loan Company: Refers to Awabiz General Dealers Limited registered under Companies Registration No. 120230060674, with its principal office located at Plot No.6/T/380A, Off Great East Road, Waterfalls, Lusaka, Zambia
1.2 Borrower: Refers to the individual or entity applying for or receiving a loan from the Loan Company.
1.3 Loan Agreement: Refers to this document, which outlines the terms and conditions governing the loan.
1.4 Principal Amount: The amount of money initially borrowed by the Borrower.
1.5 Interest Rate: The percentage rate applied to the Principal Amount as repayment cost.
1.6 Repayment Period: The duration within which the Borrower must repay the loan, as agreed upon.
1.7 Default: Failure to meet the agreed repayment terms.

  2. Loan Eligibility 2.1 The Borrower must provide accurate personal or business information and meet all eligibility criteria as set by the Loan Company.
2.2 The Borrower must not have any outstanding debts that may interfere with the loan repayment.

  3. Loan Application Process 3.1 The Borrower must submit a completed loan application form along with the required documents, including valid identification, proof of income, and any other requested documents.
3.2 Approval or denial of the loan is at the sole discretion of the Loan Company, based on its internal evaluation process.

  4. Loan Disbursement 4.1 Upon approval, the Principal Amount will be disbursed to the Borrower’s designated account within 48 hrs.
4.2 Any applicable fees, including processing fees, will be deducted from the loan amount before disbursement.

  5. Interest Rates and Fees 5.1 The applicable interest rate will be communicated and agreed upon before disbursement.
5.2 Additional fees (e.g., late payment penalties, processing fees) will be disclosed in the loan agreement.
5.3 The Loan Company reserves the right to adjust interest rates, provided prior written notice is given to the Borrower.

  6. Repayment Terms 6.1 The Borrower agrees to repay the Principal Amount along with interest and applicable fees within the specified Repayment Period.
6.2 Repayments shall be made via bank transfer. Other approved repayment channels such as mobile money shall be acceptable with prior arrangements. 
6.3 Early repayment of the loan is allowed, with or without penalties, as per the Loan Company’s policy.

  7. Late Payment and Default 7.1 A late payment penalty of 2.5% will be applied if repayment is not received by the due date.
7.2 In the event of Default: The Loan Company reserves the right to demand immediate repayment of the outstanding amount. The Loan Company may report the Borrower to credit agencies and take legal action to recover the debt. Collateral (where applicable) may be seized.

  8. Borrower Obligations 8.1 The Borrower must ensure that all information provided is accurate and truthful.
8.2 The Borrower agrees to inform the Loan Company of any changes in financial status that may affect loan repayment.

  9. Confidentiality and Data Protection 9.1 The Loan Company will protect the Borrower’s personal data in compliance with applicable data protection laws.
9.2 The Borrower consents to the Loan Company sharing necessary information with credit bureaus and third-party partners for verification and recovery purposes. 9.3. The Borrower consents not to disclose confidential company information to third parties without prior written consent from the company.

  10. Amendments to Terms and Conditions 10.1 The Loan Company reserves the right to amend these Terms and Conditions at any time, with or without prior notice to the Borrower.
10.2 Continued use of loan services constitutes acceptance of the updated terms.

  11. Governing Law 11.1 These Terms and Conditions are governed by the laws of the Republic of Zambia.
11.2 Any disputes arising shall be resolved in the courts of competent Jurisdiction.

  12. Contact Information For any inquiries, complaints, or feedback, Borrowers may contact:
Awabiz General Dealers Limited Plot No.6/T/380A Off Great East Road, Waterfalls, Lusaka, Zambia +260978999263/+260977762685 awabiz2023@gmail.com